I have non deductible traditional IRA contributions from 2011(5K), 2012(5K), 2020(6K) and 2021 (6K). Last year I rolled all of these over to my Roth IRA. I should have done it many years ago, but didn't and this amount was sitting uninvested. So I now have a 1099-R with a taxable amount equal to $22017.82
The $17.82 is the interest accrued and should be taxable.
Where in TT online can I record all the prior year
contributions so my basis is calculated correctly?
Thanks in advance.
HG
Where in TT online can I record all the prior year
contributions so my basis is calculated correctly?
If you did not have this information carry forward automatically from the 2020 return (this information for 2011, 2012 & 2020 should be reflected on the last form 8606 filed on the 2020 return) then it is entered when you complete the 2021 non deductible IRA contribution.
So am I out of luck now
No. you can
a) catch up on filing the missing 8606s, or
b) take your chances and put the total prior years basis on your tax return that reports the conversion.
IRS may ask for your records.
Where in TT online can I record all the prior year
contributions so my basis is calculated correctly?
If you did not have this information carry forward automatically from the 2020 return (this information for 2011, 2012 & 2020 should be reflected on the last form 8606 filed on the 2020 return) then it is entered when you complete the 2021 non deductible IRA contribution.
Thanks for that info, that makes sense.
Unfortunately I didn't record the info in form 8606 any of these past years. So am I out of luck now?
So am I out of luck now
No. you can
a) catch up on filing the missing 8606s, or
b) take your chances and put the total prior years basis on your tax return that reports the conversion.
IRS may ask for your records.
Thank you for the info.
I found the link to the IRS site to file the previous 8606s. I am pasting it here for others that might be looking for it.
https://www.irs.gov/prior-year-forms-and-instructions?find=8606&items_per_page=200
I really appreciate both of your replies. I have spent hours on the phone with TT expert support and the response has been underwhelming. One agent asked me to modify the amount on my 1099R so the dollar amounts were adjusted to only the 2021 contribution amount. Another agent insisted that the brokerage made a mistake and the 1099R was wrong. Another suggestion was that the previous contributions were no longer non deductible and that I had to pay taxes and a penalty on that.